Washington, September 6 (FinanceFlashNews) – The U.S. economy created over 142,000 new jobs in August 2024, a significant improvement over July’s 89,000 jobs. Despite the increase, job creation fell short of economists’ expectations, who had forecasted 160,000 jobs for August. However, the unemployment rate decreased slightly to 4.2%, marking the first drop in five months, signaling that the labor market is cooling but only at a mild pace. This development may pave the way for a Federal Reserve interest rate cut at the upcoming September meeting, though likely a modest one.
According to the U.S. Department of Labor, the revised figure for July’s job creation dropped from the originally reported 114,000 jobs to 89,000. While the August numbers were weaker than expected, analysts note that these figures are often revised upward in subsequent reports.
The unemployment rate’s dip to 4.2% comes after July’s 4.3%, which was the highest unemployment rate seen in nearly three years.
U.S. Job Creation and Unemployment Trends:
| Month | New Jobs (Thousands) | Unemployment Rate (%) |
|---|---|---|
| July 2024 | 89 | 4.3 % |
| August 2024 | 142 | 4.2 % |
Keywords: U.S. labor market, unemployment, job creation, Federal Reserve, interest rates
